DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
BALANCE SHEETS(UNAUDITED)
SEPTEMBER 30, 1998 AND DECEMBER 31, 1997
September 30, December 31,
1998 1997
ASSETS
CASH AND CASH EQUIVALENTS $ 663,595 $ 500,351
PROPERTY 5,764,097 5,986,304
OTHER ASSETS 46,473 30,926
TOTAL $6,474,165 $6,517,581
LIABILITIES AND PARTNERS' EQUITY
LIABILITIES $ 301,388 $ 257,666
PARTNERS' EQUITY:
General Partners (27,939) (27,068)
Limited Partners 6,200,716 6,286,983
Total partners' equity 6,172,777 6,259,915
TOTAL $6,474,165 $6,517,581
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $ 508,021 $ 482,853
Interest 5,689 4,766
Total revenues 513,710 487,619
EXPENSES:
Operating Expenses 239,303 244,065
General and administrative 25,787 24,468
Total expenses 265,090 268,533
INCOME BEFORE MINORITY INTEREST IN
INCOME OR REAL ESTATE JOINT VENTURES 248,620 219,086
MINORITY INTEREST IN INCOME OF
REAL ESTATE JOINT VENTURES (132,154) (109,000)
NET INCOME $ 116,466 $ 110,086
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners $ 115,301 $ 108,985
General partners 1,165 1,101
TOTAL $ 116,466 $ 110,086
NET INCOME PER LIMITED
PARTNERSHIP UNIT $ 5.77 $ 5.45
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF INCOME (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
REVENUES:
Rental Income $1,468,059 $1,407,867
Interest 14,018 10,829
Total revenues 1,482,077 1,418,696
EXPENSES:
Operating expenses 725,259 719,060
General and administrative 105,742 99,325
Total expenses 831,001 818,385
INCOME BEFORE MINORITY INTEREST IN
INCOME OF REAL ESTATE JOINT VENTURES 651,076 600,311
MINORITY INTEREST IN INCOME
OF REAL ESTATE JOINT VENTURES (132,154) (109,000)
NET INCOME 518,922 491,311
AGGREGATE NET INCOME ALLOCATED TO:
Limited partners 513,733 486,398
General partners 5,189 4,913
TOTAL 518,922 491,311
NET INCOME PER LIMITED
PARTNERSHIP UNIT $25.69 $24.32
LIMITED PARTNERSHIP UNITS
USED IN PER UNIT CALCULATION 20,000 20,000
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CHANGES IN PARTNERS' EQUITY (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
GENERAL LIMITED
PARTNERS PARTNERS TOTAL
EQUITY AT JANUARY 1, 1997 ($ 25,145) $6,477,469 $6,452,324
NET INCOME 4,913 486,398 491,311
DISTRIBUTIONS (5,304) (525,000) (530,304)
EQUITY AT SEPTEMBER 30, 1997 ($25,536) $6,438,867 $6,413,331
EQUITY AT JANUARY 1, 1998 ($27,068) $6,286,983 $6,259,915
NET INCOME 5,189 513,733 518,922
DISTRIBUTIONS (6,060) (600,000) (606,060)
EQUITY AT SEPTEMBER 30, 1998 ($27,939) $6,200,716 $6,172,777
See accompanying notes to financial statements(unaudited).
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1998 AND 1997
September 30, September 30,
1998 1997
1995 1994
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 518,922 $ 491,311
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization 239,094 239,094
Changes in assets and
liabilities:
Increase in other assets (15,547) (39,538)
Increase in liabilities 43,722 23,657
Net cash provided by
operating activities 786,191 714,524
CASH FLOWS FROM INVESTING ACTIVITIES -
Purchase of property and equipment (16,887)
CASH FLOWS FROM FINANCING ACTIVITIES -
Distributions to partners (606,060) (530,304)
NET INCREASE CASH AND
CASH EQUIVALENTS 163,244 184,220
CASH AND CASH EQUIVALENTS:
At beginning of period 500,351 384,938
At end of period $ 663,595 $ 569,158
See accompanying notes to financial statements(unaudited).
DSI REALTY INCOME FUND XI
(A California Real Estate Limited Partnership)
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
1. GENERAL
DSI Realty Income Fund XI (the "Partnership"), a limited partnership, has
three general partners (DSI Properties, Inc., Robert J. Conway and
Joseph W. Conway) and limited partners owning 20,000 limited partnership
units. The Partnership was formed under the California Uniform Limited
Partnership Act for the primary purpose of acquiring and operating real
estate.
The accompanying financial information as of September 30, 1998, and for the
periods ended September 30, 1998, and 1997 is unaudited. Such financial
information includes all adjustments which are considered necessary by
the Partnership's management for a fair presentation of the results for
the periods indicated.
2. PROPERTY
As of September 30, 1998, the Partnership has purchased a 90% interest
in a mini-storage facility in Whittier, California; an 85% interest in
an existing mini-storage in Edgewater Park, New Jersey; a 90% interest
in an existing mini-storage facility in Bloomingdale, Illinois; and a
75% interest in an existing mini-storage in Sterling Heights, Michigan
from Dahn Corporation. The remaining percentages are owned by four
California Limited Partnerships, of which Dahn Corporation is the
General Partner.
As of September 30, 1998, the total property cost and accumulated
depreciation are as follows:
Land $ 1,894,250
Buildings 6,437,441
Furniture and equipment 7,594
Total 8,339,285
Less: Accumulated Depreciation ( 2,575,188)
Property - Net $ 5,764,097
3. NET INCOME PER LIMITED PARTNERSHIP UNIT
Net income per limited partnership unit is calculated by dividing the
net income allocated to the limited partners by the number of limited
partnership units outstanding during the period.